Blockchain: A Boon for the Gaming Industry

The gaming industry has gone through a rapid transformation providing immersive experiences like AR and VR. New technologies will shape the future of gaming — blockchain — will play a crucial role and turn it from an entertaining activity to a potential economic endeavor. Blockchain will modulate the way players and developers interact with gaming platforms. Here are a few ways blockchain will modulate the gaming industry:

Gamers will control their virtual assets      

Companies often store in-game assets on centralized servers due to the risk of duplication of assets. This means that players don’t own their purchased virtual assets and if they want to sell, buy or trade assets outside of the game, then they have to do it through non-traditional means. Blockchain provides full transparency and decentralized control of virtual assets. Gamers will have complete ownership of their virtual assets, and they will be able to use their virtual assets across different games. Blockchain will allow them to exchange assets with other players instantly.   

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Rewards for Players

Players will be rewarded for providing reviews and feedback to the developers who will eventually lead to the improvement of games. The incentives will be provided to gamers through the tokenization of the platforms. Social media will be necessary for gamers because they will receive their tokens after playing, reviewing, or sharing the games on social media. Blockchain will monitor player’s activities and help in rewarding the players accurately and instantly.

Improves Gamers Credibility

The blockchain is a tamper-free distributed ledger which allows players to use their account across multiple games. Not only that, gamers can document their interactions, player history, and trading of in-game items. A player’s reputation is tied to the blockchain because these records are made publicly available that encourages good behavior within the community. This fosters a safer gaming environment.

Better security for games

Earlier, virtual goods’ trading was not entirely possible. Fraudsters often copied expensive items collected by players and resold in the market affecting the value of the original item. Blockchain makes duplication impossible by creating a robust ledger of the item and the player it belongs to. It also prevents the trading of illegal virtual assets on the black market.